It sounds nice for some embedded devices, it could be great if I can use it as an alternative to OpenWRT on certain MIPS machines I'm currently using. We'll see what happens with the support or the community from that site, never had a problem with OpenWRT for example. I've great expectations for the Eclipse plugin and this kind of tools seems to be more tailored to a developer so these things are more interesting for me.
Is there anyone experiencing it ?

Sounds interesting. I've been getting into embedded Linux development on ARM sbc's (PC-104 devices) over the past year. It really isn't difficult. Biggest issue to me is dealing with non-standard on-board hardware. Fortunately the boards I use come from a manufacturer that is strongly supportive of the Linux OS and provides all the sources and kernel code required for their hardware. I haven't got around to futzing with stuff that isn't quite so "out-of-the-box" so to speak - I haven't had to write a hardware device driver for a Unix-type OS for about 20 years!. Only software drivers, such as high-speed IPC message buses. Anyway, after the holidays I'll definitely look at this. I am the 2011 chairperson of a major IEEE consultant's network and recently gave some papers on embedded Linux development to an IEEE affinity group, using those boards as examples. It may be that a lot of IEEE members involved with embedded systems would be interested in Yocto. In any case, the IEEE Communication Society group in this area wants me to give a paper on embedded software sometime this next year, so maybe I'll make Yocto a part of that presentation.

I think the Anstrom distribution uses it and maybe others (maybe Linaro?). Mentor Graphics, Denx and others are using it as a base system for their value added, commercial Linux services.

We will be using OpenEmbedded / Yocto / ELDK tools at work but we are very much at the start of the learning curve.
AFAICS, ELDK is a "Layer" provided by Denx Software Engineering which provides further, more specialized functionality.

Since I need to learn to use Yocto anyway, I'll try to use it for hacking my Panda board.

Would like to hear from others who are attempting the same.

BTW, we are looking for a consultant, preferably located in Melbourne Australia, who can get us up to speed. A 12 months contract may be available.